APRIL 20249TOP STORIESNEXGEN ENERGIA TO VENTURE INTO JAMMU & KASHMIR BY ESTABLISHING EV UNITNexGen Energia, a sustainable energy solutions firm based in Noida, has announced plans to invest Rs 1,000 crore in establishing a manufacturing unit for electric vehicles (EVs) in Jammu and Kashmir. The company is currently in discussions with authorities in the Union Territory and is seeking 100 acres of land, either in the Kathua industrial area or in the Kashmir Valley.This investment follows the recent announcement of a Rs 3,000 crore investment for setting up a Compressed Bio Gas (CBG) plant in Gujarat.NexGen Energia's chairman, Piyush Dwivedi, emphasized the company's commitment to the "Make in India" initiative and the goal of achieving self-reliance. He stated that in collaboration with the government, the EV plant in Jammu and Kashmir will require an investment of Rs 1,000 crore and is expected to provide direct and indirect employment opportunities to about 100,000 people. Additionally, Dwivedi mentioned that the company plans to launch its most affordable electric two-wheeler priced at Rs 36,900 from its Noida unit on April 15.Last week, Dwivedi met with Union Minister for Road Transport and Highways Nitin Gadkari to discuss proposals for sustainable energy solutions, including increasing the use of CBG and promoting India-made EVs.NexGen Energia has a range of EVs, including two-wheelers and three-wheelers, ready for launch. The company aims to expand its production to include electric buses, trucks, and cars in the future. DBS BANK ALLOTS RS.2,000 CRORES FOR NEW AGE STARTUPSDBS Bank India has set aside $250 million (approximately 2,000 crore) to extend lending support to new-age startups, recognizing their resilience and potential amid a challenging funding environment. The bank's focus on profitability and efficiency in the startup sector reflects a broader shift in perspective, with startups increasingly prioritizing sustainable growth.Rajat Verma, head of institutional banking at DBS Bank India, highlighted the opportunity to provide financial assistance to startups that have weathered the storm and are now looking to scale up. The bank is particularly interested in startups operating in healthcare, technology, AI-driven financial services, transportation, logistics, retail, waste management, and supply chain logistics.Utilizing its extensive corporate banking network, DBS Bank aims to offer a range of tailored financial products and digital solutions to startups, including escrow services, foreign exchange, cash management, trade financing, and regulatory reporting. The bank plans to leverage its expertise in risk management to ensure prudent lending practices while supporting the unique needs of startups in the digital economy.Verma emphasized that DBS Bank would adopt a flexible approach to credit assessment and risk management, acknowledging the unconventional nature of startup financing. While the bank will not provide equity funding, it remains committed to providing innovative banking solutions to support the growth aspirations of startups across various sectors.
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